High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

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For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

[smartcode_project:default project_id=5743 project_image_fid=927]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

[smartcode_project:default project_id=5743 project_image_fid=375255]

The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

[smartcode_project:default project_id=5743 project_image_fid=375281]

For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

[smartcode_project:default project_id=5743 project_image_fid=925]

The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

[smartcode_project_cta:default project_id=5743]

Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

[smartcode_project:default project_id=145324 project_image_fid=372749]

Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

[smartcode_project:default project_id=145324 project_image_fid=354343]

The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

[smartcode_project:default project_id=145324 project_image_fid=354347]

According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

How Sterling Global designed 623 Collins from Melbourne's history

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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While a busy road, rough neighbourhood and poor fixtures and fittings might be many assumptions as the number one buyer turn off, a new survey suggests that it's something far different.
Research from Aussie Home Loans into the top features buyers look for, and what they dislike, has found that the smell of cigarette smoke is the biggest turn off, with 69.1% of house hunters and renters saying it makes them steer clear. Pet smells came in far lower at 53%.
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This distaste for cigarette smells was even more evident from the younger generations, aged 25 to 34, with 71.9% finding it to be the most offensive.
A busy road location, as expected, came in second with 65.8% of respondents citing it, with a dirty house coming in third with 61.6%.
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While it may come as a surprise to renovators, while a good neighbourhood is the most appealing attribute (68.2%), a modern kitchen came in down the list at third, 63.4% and a modern bathrooom was number seven, with 50.2% citing it.
“We undertook the survey feeling confident that we would know the outcome, but were surprised to find some things were not as much of an issue for homebuyers as we expected,” said Aussie’s general manager for marketing and product, Stuart Tucker. 
“It should be a great guide on whether they need to renovate or tidy some rooms, how to dress their house, and an idea of what areas may be beyond their control, like their neighbourhood and location. Also how to prioritise their advertising message with their real estate agent," said Tucker.
“With the real estate market hotting up this Spring, this list should help canny sellers get a head start on the competition,” he said.
Nine Rewards surveyed 1,000 people for this Aussie Home Loans research.
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jduke-EHk3XBmHkn

Biggest buyer turn off might not be as expected

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Following this week’s $US41.5 million auction sale of the former Versace mansion in Miami, our property contrarians, Jonathan Chancellor and Margie Blok argue whether to buy the closest thing locally- an apartment in Palazzo Versace on the Gold Coast.
<img src="/images/stories/2013/09/06/HE-SAID-WORDS.jpg" width="132" height="30" alt="HE-SAID-WORDS"><img src="/images/stories/2013/09/06/NO.jpg" width="55" height="30" alt="NO"><img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" width="100" height="150" alt="jc-silhouette-5" style="float: right;">
Forget the ubiquitous Medusa. If you hanker for Versace décor, just buy a couple of cushions, not a theme park condo.
<img src="/images/stories/2013/09/20/SHE-SAID-PERHAPS-22.jpg" width="470" height="30" alt="SHE-SAID-PERHAPS-22">
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" width="100" height="150" alt="mb-silhouette-4" style="float: left;">There's nothing comparable to your own Versace-designed pad. Especially the late Gianni Versace's extravagantly grandiose Miami mansion, Casa Casuarina, the 10-bedroom, 11-bathroom Mediterranean-style mansion, albeit on the very busy tourist strip, at 1116 Ocean Drive, South Beach. 
At this week’s court-ordered bankruptcy auction of Casa Casuarina, no less than the real-estate kingpin and TV reality-show celebrity, Donald Trump, was the underbidder for the property .
It sold to a group that includes New York’s Nakash and Gindi families who own the Hotel Victor, just next door.
International Versace devotees still have the Gold Coast option, and sooner or later Dubai, and then next Macau for cheaper Italian fashion house Versace resort property prospects.
The Gold Coast option came first, back in 2000, and the developer of the much-delayed Dubai resort Palazzo Versace has just this week confirmed the opening date has been pushed back another 12 months.
The developer Enshaa Services Group said it was now not due to open until the second half of 2014, having been due to open in 2009 on its Dubai Creek location.  They took control in a swap deal with the former Australian joint venture partner, Sunland Group, which took 100% ownership of the Palazzo Versace Gold Coast, with Sunland then subsequently selling their Gold Coast. 
No doubt true to the brand's signature ornate style, the 270-room Macau hotel is set to open by the end of 2017. It will operate on a similiar concept licencing agreement with the Versace Group have no interest it its day to day hotel revenues.
There are 72 Palazzo Versace condominium on Queensland's Gold Coast. And when not in use by the PV owners they often get rented out through the adjoining Palazzo Versace hotel. Some do it to recoup their body corporate fees.
Given there are only six permanent residents, this option seems to be the norm.
But beware you’ll be obliged to retain all the Versace décor -  described as the "stunning, irreplaceable, Versace furniture package”, as its a pre-requisite for letting through the hotel.
But why in the world would you want to rid the condo of the fixtures? Synonymous with Versace style - though certainly not everyone’s cup of tea - is the sumptuous and extravagant décor of these condominium interiors finished with gold leaf ceilings, gleaming marble and parquetry floors, faux marble columns, panelled walls, heavy silk drapes, padded bedspreads and de rigueur Versace silk and velvet cushions. 
On the Broadwater at Main Beach, Palazzo Versace has the condominiums with the adjacent hotel having 200 rooms and suites.
Over the years, the PV condominium owners have included fashion designer Lisa Ho (between 2000 and 2005); the former Daydream Island owner Vaughan Bullivant and his wife Carmel; the seniors' tennis champion, Adrian Alle, and the BRW Rich Lister Greg Poche - who incidently is still trying to flog the Channel 10 Bachelor mini series house at Bayview on Sydney's northern beaches. 
Didn't Brynne Edelsten snap one up last year?
And my spies tell me mining tycoon Clive Palmer picked up a couple of Versace condos too - which will no doubt pop up in any parliamentary pecuniary interest declaration he might make if he's elected to the Australia parliament.
Ofcourse international stars including the Rolling Stones and Beyonce have stayed in the luxury apartments since the hotel opened in 2000, the first of its fashion branded alliegance in the world. Last year the hotel sold for $68.5 million to a Chinese consortium following approval from the Foreign Investment Review Board.
They obviously chose to overlook educator and architect critic Norman Day's 2002 review which described the place as "a rather plain, little, prefabricated structure overburdened with the drippings of Donatella and serviced by young people wearing black and gold."
"The aim of the place is admirable: provide a good quality hotel and decorate it (well, smother it) with Versace colours, crockery, fabrics, cutlery, badges and "character".
"Most people will be pleased with the result," Norman Day was gracious enough to concede.
There are currently around six Palazzo Versace condominiums up for sale from a $1.1 million asking price
<a href="https://www.propertyobserver.com.au/queensland/gold-leaf-ceiling-comes-with-palazzo-versace-gold-coast-condo-with-%2415-million-hopes/2013051461183" target="_blank">There's one that came onto the market with $1.5 million plus hopes in May</a> (pictured below), a redecorated three bedroom, three bathroom pad which is is now listed at $1.35 million. <a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-main+beach-114478179">Artisans have been at work</a>, says the listing agent. Its marina is 15 metres. Apparently it's not in the hotel rental scheme as it doesn't have the official Versace furniture package.
{yoogallery src=[images/stories/2013/05/may10palazzo]}
There is also a two-bedroom two-bathroom north-facing rooftop residence with a 21 metre marina berth, two car spaces and a storeroom (no doubt for the golf clubs). Offers are being sought above $1.1 million through Russell Stuart of PRDnationwide Surfers Paradise, whose realestate.com.au website listing notes: “The owners are serious committed sellers and have already purchased another property! Make no mistake, they are absolutely committed to selling! They have loved their time at 'Versace' but they are now moving to a colder climate - so this has to go! There are only a handful of north facing condos at Palazzo Versace, and even fewer with a 21 metre marina berth, so this is an exceptional opportunity!”
The dearest offering is an ambitiously priced $5.29 million penthouse. At least the leasehold title reduces the Queensland purchasing stamp duty. And no land tax too.
I recall writing after my first visit in 2001 that the 72 condominiums fetched record Gold Coast prices having sold off the plan and during construction. About 70% of the buyers were Australians who paid prices ranging from $900,000 to $4.9 million for one of the penthouses. The buyer composition has expanded a tad internationally, but seemingly the prices haven't strayed far from original purchase prices.
Back then the furniture and decor packages were costed between $200,000 and $400,000 on top of  the condominium purchase price.
Certainly buyers will find there's better value elsewhere on the Gold Coast, but each to their own. Keep an eye out for Versace-loving Kiwi vendors keen to take their money back home, or Sydneysiders from the Shire who want to reinvest their proceeds into a self managed super fund.
Oh one last thing - be sure to have your solicitor brief you on the unresolved issue of water usage costs.  The condominium owners claim they have been subsiding the hotel's water usage. And that's more than a trickle given its 200 spa baths, commercial kitchen, laundries and sumptuous lagoon swimming pool. 
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The Gold Coast's Palazzo Versace condos? He Said/She Said

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People are generally very familiar with median sale prices, they are the middle value when all sale prices are arranged from highest to lowest in a suburb. They allow you to compare demand in an area but do so by reference only to the homes actually sold.
Another useful metric for buyers and sellers is median value. The median value is middle value when the estimated valuation of all properties are arranged from highest to lowest.
Because the median value is based on the value of all properties it is a more stable measure than the median sale price. Median sale prices can be quite volatile due to the small number of sales – particularly in small suburbs and also due to differences in the actual homes sold.
A good example is the market for houses in inner city Fitzroy. Its median sale price in the 12 month ending June was $818,375 and this was based on 82 sales. This compares to its median value from the RP Data Suburb Scorecard of $873,033, based on the 2,347 house in the suburb.
For buyers and sellers this suggests that sale prices have been at a discount over the last year which is a reflection of the market being below its peak, and also an indication value can be found.
Now like all property data its very informative but it won’t tell you what a home will actually sell for because that is ultimately set by the market – what the sellers are willing to pay and the buyer willing to accept.

<hr>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
 
 
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What median sale values can really tell you: Robert Larocca

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Put simply, the federal government’s policy on foreign investment is pushing properties out of the reach of Australians.  
Under existing laws, developers are able to sell 100% of their developments to non-residents.
The knock-on effect has seen some developers almost exclusively marketing properties to foreign buyers who have deeper pockets than Australia’s first home buyers.  If the rules didn’t dictate that they need to also locally market then they most likely wouldn’t bother, as very few locals will pay the prices they can command from foreigners who are keen to get their money out of their home country and into Australia.
Prior to 2009, developers were only allowed to sell up to 50% to non-residents. Personally I thought that 50% was more than double what it should have been as that sizable percentage is enough to skew the local market value of a development.  But in an attempt to stimulate the construction market, the then Rudd Government relaxed the laws allowing 100% of new developments to be sold to foreigners in what I regard as a knee-jerk reaction to the GFC.
There is little doubt from those with their finger on the pulse that the change of rules contributed to the real estate market rising as much as it did in 2009.  One of the changes that I believe was so impressionable on the market rising (which about 14 months later was reversed) didn’t even require foreign buyers to apply for purchasing approval.  Can you imagine a situation where a foreigner could just look at domain.com.au, decide they want to buy a property they see, email the selling agent with an offer, then proceed to exchange contracts?  It sounds crazy but essentially that was what was happening.
Australia’s relatively strong economy and history of fairly stable and constant capital growth for real estate in its major cities will continue to drive foreign investment in Australia and push prices much higher than they already are.
The proportion of new houses and apartments being purchased by foreign buyers has doubled in the space of two years. According to the latest NAB residential property index, foreign buyers now account for between 12% and 13% of all new residential property purchases. Harbourfront developments like <a href="https://news.domain.com.au/domain/real-estate-news/barangaroo-apartments-sell-out-20130831-2sxal">Sydney’s Barangaroo which sold out before lunch</a> on the launch day including one-bedders at $1 million, two-bedders at $2 million and three-bedders at $3 million are further evidence of a fuelled market. Total sales exceeded $300 million in the first release.
The current policy is forcing generation X and Y into becoming a generation of renters at a greater percentage than they otherwise should or would like to be.  This will have many other knock-on effects in years to come for example it’s likely to put extra pressure on the social security system as buying and paying off your own home is a form of forced saving. As, let’s face it, most people who rent don’t invest at the level they should to avoid renting forever.
If the new federal Abbott-led government doesn’t tighten up foreign investment laws, non-residents will continue to buy Australian real estate (both residential and farming) at an increasing rate as they want their money in Australia because they see it as a stable, strong economy especially compared to their own.
No doubt most Australians like me are more than happy for non-residents who are here on working visas to buy properties and enjoy them while they’re here if they don’t want to rent on the proviso that they sell them when they leave.  I fail to see how allowing non-residents to buy Australian real estate - in many cases not even renting them out - is helping Aussies fulfill the great Australian dream of buying their own home which should be the core mission of any government policy in regards to housing.
 
<hr>
 Patrick Bright is the founder of Sydney-based buyer’s agency <a rel="nofollow" href="https://%20www.epspropertysearch.com.au/" target="_blank">EPS Property Search</a>.
 
Patrick is the author of four best-selling real estate books known as “The Insider’s Guide to Buying Real Estate Series.”
 
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Foreign buyers are pricing Aussies out: Patrick Bright

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Experienced investors in real estate have always been well aware of that the labour markets on a macro and micro level impact the property markets. Ultimately, people are going to live close to where their jobs are and they need well-paid jobs to afford to buy houses. Thus, it makes sense to invest where there are a range of industries, strong jobs growth and real wages growth.

It's something Margaret Lomas highlighted in her book <a href="https://majorstreet.com.au/investing-in-the-right-property-now/" target="_blank">Investing in the Right Property Now</a>:
'We are more than a decade into the 21st century and it's high time we began to act and think like we live in this century, rather than the last!' says Margaret. Investors today need to understand the dynamics of how macro and micro economies operate and how they affect the property markets."
This is very much true. I look through a wide range of factors when choosing a location to invest in. On a macro level, strong population growth is one. Jobs growth is another. I want to see real wages and household income growth and a diversified range of industries.
I want to invest in land-locked areas of cities where there is no land available for release so that the market cannot easily be flooded with new supply (which distorts median prices but does nothing positive for the value of existing dwellings). Additionally, I want there to be a wave of speculative investment capital hitting the location and property types I own in order that prices are forced up.
The thing to be wary of is experts selecting data to support their own previously held convictions about which is the city with the strongest fundamentals, growth prospects and so on. I know a lot about this, because I sometimes do it myself.
Population growth
The Northern Territory only had a small absolute population growth at 4,200 persons in the year to December 2012 according to the Australian Bureau of Statistics (ABS), although with a state population of under 237,000 this actually represented growth of 1.8%. Darwin's median prices have been pumped up from around $200,000 to around $600,000 due to a cripplingly short supply in a remarkably short period of time.
Personally, I absolutely loved living in Darwin when I worked in the NT - it's one of my favourite cities - but the housing market is a law unto itself. From an investor's perspective, it's a case of 'dabble at today's prices at your own risk' for mine.
Tasmania's population, as noted, is essentially flat, increasing by 400 persons in the year.
The population of the ACT increased by 8,600 in 2012 to 380,000, but unfortunately jobs cuts make Canberra's property markets an unappealing prospect, as I discuss in more detail below.
Australian population growth of 394,200 persons or 1.8% in 2012 makes the country a potentially appealing prospect for property investors, but where are all those persons heading? To four states in particular:
VIC +99,500
QLD +92,500
NSW +90,400
WA +83,000
SA +15,600
With the exception of South Australia, these are very significant numbers. The population growth does not all occur in the respective capital cities, of course, although a large proportion of it does.
Weak labour markets
Sadly, Tasmania's labour market has been weak. The unemployment rate is very high in Australian terms at 8.2% and population growth is essentially non-existent. There are, therefore, few drivers for growth and the property markets are likely to remain weak.
Canberra is another example of a labour market which is expected to weaken. Unfortunately, thousands of jobs are likely to be cut. The numbers vary depending on the report and the source - the Canberra Times reported this week that 4,500 jobs may be cut in the city, which is a large number for a small city (population of only 370,000) with a small workforce.
Accordingly, SQM Research forecasts property prices to fall in Canberra through 2014.
Unemployment rate
I've already noted the existing and forthcoming unemployment issues in Canberra (ACT) and Tasmania. According to the Australian Bureau of Statistics (ABS), elsewhere unemployment rates are:
WA 4.6%
NSW 5.6%
VIC 5.7%
QLD 5.9%
SA 7.1%
Western Australia's unemployment has been the lowest in recent times with mining activity and employment attracting thousands of people to the state each year. South Australia's elevated unemployment rate is becoming a worry.
Jobs growth
Over the last 12 months, the following jobs have been added per the ABS:
NSW +64,000
QLD +25,600
VIC +24,100
WA +18,700
SA -10,200
It's all about New South Wales over the last few years, although the growth has actually slowed to 64,000 jobs from previously higher levels.
Western Australia's employment growth has been impressive, but has also slowed of late as the mining construction boom passes its peak and we shift towards the production phase.
South Australia, on the other hand, is now losing jobs at quite a rate for a relatively small population, and that is worrying for the outlook in that state.
The above numbers do not explain the disparity between NSW and SA clearly enough. The below chart from the Reserve Bank of Australia, however, does show the massive gap in employment growth between NSW (+200,000 jobs) and Tasmania/South Australia (flat) over the last three years.
<img alt="Graph 3.20: Employment by State" height="328" src="https://www.rba.gov.au/publications/smp/2013/aug/images/graph-3.20.gif" width="400" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Wrapping it up
As I said, we all need to be wary of people providing data supporting their own viewpoints. But with a booming population, thriving jobs growth, lower unemployment and a inadequate supply of appropriate dwellings, it's patently obvious to me that Sydney has by far and away the strongest fundamentals of any of the major city capital markets.
And that's before we even mention that around 50% of housing financing activity is now for investors. Investors from Australia and overseas (mainly China, reportedly) are snapping up properties on average in well under 30 days 'time on market', while auction clearance rates are hitting staggering levels.
Don't take my word for it, by the way: read SQM Research's <a href="https://www.sqmresearch.com.au/boombustreport.php" target="_blank">Boom and Bust Report</a> where they forecast growth of 15-20% next year in Sydney...and 20-30% if the economy recovers.
On the flip side, South Australia is shedding jobs, has high unemployment at 7.1%, weak population growth, and has seen promised mining investment both shelved and scrapped. Therefore it is unsurprising that the market prices have barely budged since the Adelaide market was picked by some commentators as the city markets 'hotspot' capital of Australia five years ago. Melbourne, and now Sydney, will prove to have been comfortably the best selections over that timeline (Darwin also would have been a better pick).
<img alt="Dwelling Prices graph" src="https://www.rba.gov.au/chart-pack/images/5-6-household-sector/6bl-dwelpri-small.gif?accessed=2013-09-17-22-59-18" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
I find it really odd that few commentators seem to ever discuss this apart from me (or maybe I just don't see the commentary?).
I still can't see where this expected so-called booming property price growth in Adelaide is going to come from? Am I missing something? Can anyone enlighten me? Cancelled mining expansions and projects in the state are hardly going to help. 
 
<hr>
Pete Wargent is the co-founder of <a rel="nofollow" target="_blank" href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a rel="nofollow" target="_blank" href="https://petewargent.blogspot.com/">blogger</a>. You can contact Pete on <a href="https://twitter.com/PeteWargent" target="_parent">Twitter</a>.
His new book '<a rel="nofollow" target="_blank" href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>' was released on 1 September 2013.
 
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How are the states' changing population and labour markets impacting property? Pete Wargent

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When you buy an apartment or townhouse you also become a member of an owners’ corporation, (which used to be called the body corporate), and its best as a buyer you know a few things about it. The normal matters to look at are the rules, fees, operations and such. But one of the most critical things to find out before you buy is whether or not it’s a “happy” OC.

The OC is there to make life easier for residents in the <a href="https://marketnews.com.au/tag/development/" class="st_tag internal_tag" rel="tag" title="Posts tagged with development" style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;">development</a> and most of them work well. They have a meeting every few months and sort out matters such as insurance, accounts, painting, necessary repairs or other matters in a smooth and easy manner. But occasionally there are some that don’t – and you should make sure that you don’t find yourself becoming a member of an OC from hell.
Sometimes it can be so bad that people decide to sell their recently purchased apartment purely because they find out they’ve joined an OC which doesn’t work.
<ul>
<li>
It may be dominated by a small group of people who feel they own it;
</li>
<li>
It may have an ineffective manager;
</li>
<li>
The members may not be willing to spend any money;
</li>
<li>
Or they simply can’t agree on anything.
</li>
</ul>
Solutions:
You can easily discover how an OC works by getting copies of the last few OC minutes and reading them carefully.
Look to see if there is a person or group who resists everything and makes it impossible for the OC to operate.
Things such as ongoing disputes, drawn-out legal actions, refusal to approve requests from owners and money arguments over minor things are all matters for some concern and may cause you problems in future.
The badly-operating OC may cause you stress, it may cost you money or it may prevent you renovating or having a new pet – so check it out carefully.
As well as reading through the minutes, it may be worth having a chat with another resident or the OC manager to see how it works. Think carefully if you feel you may be getting into a situation you’re uncomfortable with. Your purchase of a new apartment is meant to be a positive lifestyle <a href="https://marketnews.com.au/tag/choice/" class="st_tag internal_tag" rel="tag" title="Posts tagged with choice" style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;">choice</a> so make sure that it works for you.
 
<hr>
 Mal James is principal of<a rel="nofollow" target="_blank" href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.  
 
 
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Make sure your your owners' corporation is a happy one: Mal James and John Hazen

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Toyota Tsusho South Pacific Holdings Pty Ltd has leased 1,000 square metres of office space in the CB1 building in South Brisbane.<img style="float: right;" alt="south-brisbane-sept-18-two" height="231" width="200" src="/images/stories/2013/09/18/south-brisbane-sept-18-two.jpg">
The CB1 building is owned by the ASX listed A-REIT Growthpoint Properties Australia and sits within the bigger $300 million SW1 mixed-use development.
The lease was struck on a 10-year term, at an annual rental of about $550 per square metre.
Peter Dodd and Alastair Dunlop of Savills negotiated the 104 Melbourne Street (pictured right) lease.
The Brisbane based company manages and supports Toyota distributors throughout the South Pacific region, namely in Papua New Guinea, Fiji, Vanuatu, Solomon Islands, Samoa, American Samoa and Tonga.
 
<hr>
Correction notice: this article has been amended since initial publication.
The original article identified the CB1 building as being owned by “South African company Growthpoint Properties Australia.” 
Growthpoint Properties Australia is actually an ASX listed property group which is majority owned by South Africa’s largest listed property company, Growthpoint Properties Limited. 
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Toyota Tsusho South Pacific  lease South Brisbane office space

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Soup and juice bar concept store, Green Press, has secured a new retail lease at the west end of Collins Street in Melbourne’s CBD.
The 39 square metre lease, at 500 Collins Street (pictured below), was struck at more than $1000 per square metres for a term of three years.
<img src="/images/stories/2013/09/18/melbourne_sept_18_one.jpg" width="470" height="313" alt="melbourne_sept_18_one">
Other tenants to recently move into the building include Kartel and Henry &amp; the Fox.
Savills Australia agents Michael Di Carlo and Jeremy Marmur brokered the lease.
Mr Di Carlo said the deal was a further indication of the renewed interest in the CBD retail sector, as recent consumer spending data suggested the market had seen the bottom of the cycle.
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Green Press soup and juice concept bar lease Collins Street space

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The Rocks is no longer just one of Sydney's most popular tourist destinations. It seems the historic heartland is fast capturing the attention of businesses and government.
Government Property NSW has taken out a five year lease for about 2,140 square metres of contiguous office space at 88 Cumberland Street. The lease was struck at an initial gross rental of $740 per square metre per year.
In a separate deal, engineering and technical recruitment firm Sniper Solutions has leased about 50 square metres in the same Cumberland St building for an initial gross rental of $625 per square metre. The Lessee had previously occupied about 112 square metres within the same building.
Cumberland Street Developments owns the five-storey building
Nearby, at 111 Harrington, migration and education services firm Uvision leased a strata suite for about $775 per square metre. The term of the lease is for one year.
The Sniper Solutions and Uvision leases were negotiated by Ray White Commercial office leasing director, John Skufris.
Mr Skufris said businesses were drawn to the area because of its close proximity to George St, Wynyard and Circular Quay, as well as the greater availability of metered parking.
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The Rocks captures the attention of office leasings

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One of Sydney's marquee real estate sites - the Sydney Opera House car park has been slated for sale, with price expectations of about $80 million.
The property is being offered for sale on behalf of receivers, KordaMentha and is expected to attract strong interest from international and domestic institutional investors.
<img alt="syndey-sept-19-three" height="428" width="470" src="/images/stories/2013/09/19/syndey-sept-19-three.jpg">
Prior to falling into the hands of receivers, the prized asset was owned by Mariner Financial - a company founded by Bill Ireland. Mariner reportedly purchased the car park for about $75 million in 2004.
McVay Real Estate has been instructed to sell the long leasehold.
A key attraction for buyers is expected to be the property's stable income stream, which is estimated to be about $7.6 million.
<img alt="syndey-sept-19-one" height="263" width="470" src="/images/stories/2013/09/19/syndey-sept-19-one.jpg">
"This is not just a car park," said McVay's managing partner Sam McVay. “This is a critical piece of infrastructure servicing the largest city in Australia and one of the most famous buildings in the world."
Completed in 1993, the 12- storey premises has about 1200 parking bays and is operated by Wilson Parking.
<img alt="syndey-sept-19-two" height="244" width="470" src="/images/stories/2013/09/19/syndey-sept-19-two.jpg">
The expression of interest campaign starts on Thursday.
Mr McVay believes offshore and private investors will be attracted by the high yield on offer for a relatively passive investment. “With no lease incentives to be paid out, investors are getting a truly net return, " he said.
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